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Chinese leader Xi Jinping recently met with private enterprise leaders, including Alibaba's Jack Ma, to discuss economic challenges amid rising U.S.-China trade tensions.

This move is seen as part of a broader strategy to leverage private businesses for economic recovery.
<h2>Jack Ma Draws Attention at Key Beijing Meeting</h2>
Xi met with private entrepreneurs in Beijing on Feb. 17. Senior Chinese Communist Party (CCP) officials such as Li Qiang and Ding Xuexiang were also in attendance, with Wang Huning presiding over the symposium.

Among those seated in the front row were Alibaba co-founder Jack Ma, Huawei CEO Ren Zhengfei, BYD Company CEO Wang Chuanfu, Xiaomi co-founder Lei Jun, Ningde Times Chairman Zeng Yuqun, New Hope Group Chairman Liu Yonghao, as well as DeepSeek founder Wenfeng Liang.

The meeting comes as U.S.-China <a href="https://www.ntd.com/us-tariffs-hit-china-beijing-responds-with-counter-tariffs_1045164.html">tensions</a> continue to grow, following U.S. President Donald Trump’s decision to increase tariffs on Chinese imports. According to <a href="https://www.reuters.com/world/china/xi-chair-symposium-attended-by-jack-ma-other-chinese-business-leaders-sources-2025-02-14/">Reuters</a>, the meeting underscored the increasing internal and external challenges faced by Chinese companies.

Ma’s presence sparked attention, given his limited public appearances since facing criticism from China’s <a href="https://www.ntd.com/jack-ma-returns-to-china-calms-private-sector-fears_909878.html">financial regulators</a> in 2020, which led to Ant Group's IPO being canceled and Alibaba facing a heavy fine.

<a href="https://www.epochtimes.com/gb/25/2/18/n14439967.htm">Davy Jun Huang</a>, a U.S.-based Chinese economist, told the Chinese-language edition of The Epoch Times that Ma’s silent attendance highlighted the ongoing sensitivity surrounding Alibaba.

Huang said that while Ma made his fortune through political ties, his market-driven approach made it inappropriate for him to speak at the event. In contrast, representatives from BYD, Huawei, and Xiaomi could speak, given their closer ties to the CCP. However, the content of the discussions remains undisclosed.

Huang said, “The government uses these entrepreneurs to shape public opinion and create a false impression of the Chinese economy’s direction, making it appear as though entrepreneurs are fully supporting the Communist regime’s calls.”

Huang also noted the absence of Baidu CEO Robin Li and ByteDance co-founder Zhang Yiming. He said both companies are involved in sensitive areas like data security and public opinion and are closely monitored by the CCP. This absence could signal a decline in their influence, along with tightened state control.

“They’re likely becoming party-aligned companies, like Huawei. Once aligned with the party, their growth, influence, and attendance as private entities become irrelevant,” Huang said.
<h2>Chinese Entrepreneurs’ Trust Issues</h2>
In response to Beijing’s invitation for private enterprise leaders to discuss economic challenges, U.S.-based political and economic analyst Peng Qin <a href="https://www.epochtimes.com/b5/25/2/17/n14439057.htm">told</a> NTD that the CCP may offer financial support to these companies as part of its broader strategy to counter the United States.

However, Qin warned that this support could have negative repercussions, as the CCP could use these enterprises for global information theft, international dominance, and increased domestic control—potentially exposing them to sanctions from the United States and other countries.

Since taking power in 2012, Xi has pushed the idea of "common prosperity," leading many Chinese tycoons to quickly make donations. However, he has also expanded state control over the private sector through heavy regulation, which has contributed to China’s economic downturn and the collapse of many private businesses.

Despite promising to support private enterprises in 2018, the regime has targeted key industries like ride-hailing, video games, education, fintech, food delivery, and real estate.

Many entrepreneurs have faced repercussions, including asset seizures by the state. A high-profile case is that of Sun Dawu, known as "China’s Conscientious Entrepreneur." He was sentenced to 18 years in prison in 2021 for advocating workers' rights, and nearly 30 of his family members and company executives were also detained.

In response to ongoing economic stagnation, China introduced the "Private Economy Promotion Law (Draft Solicitation for Opinions)" last year to restore confidence in the private sector. The draft law outlines goals of strengthening protections for private enterprises and supporting their involvement in major technological breakthroughs while emphasizing loyalty to the CCP.

Frank Tian Xie, a professor at the University of South Carolina’s Aiken School of Business, <a href="https://www.epochtimes.com/b5/25/2/17/n14439057.htm">told</a> The Epoch Times that Chinese officials have never changed their position on economic control.

Xie explained that while the CCP acknowledges the significant contributions of private enterprises to the economy, it remains wary of their influence and is committed to controlling the market through state-owned enterprises.

A video lecture by Chinese economist Xiang Songzuo, recorded several years ago, recently resurfaced online. In the video, he described the prevailing view among private entrepreneurs: “They need us as a reluctant choice, but eliminating us is their lofty ideal.”

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Mary Hong is a reporter for NTD, focusing on China news, U.S.–China relations, and human rights issues.

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China's Xi Holds Rare Meeting With Business Leaders Amid Economic Challenges

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